Family Court WA Binding Financial Agreement: Everything You Need to Know
A Binding Financial Agreement, or BFA, is a legal document that sets out how assets and liabilities will be divided if a couple separates or divorces. A BFA is a common way for couples to protect their financial interests and avoid costly legal battles.
In Western Australia, the Family Court has jurisdiction over family law matters, including Binding Financial Agreements. If you are considering a BFA, it is important to understand the legal requirements and process in WA.
Who Can Enter a BFA?
A BFA can be entered into by any couple, including those who are married, de facto, or in a same-sex relationship. Both parties must have independent legal advice and the agreement must be signed voluntarily and without duress.
What Can a BFA Cover?
A BFA can cover any financial matter, including property division, spousal maintenance, and superannuation. It is important to note that a BFA must be fair and reasonable at the time it is entered into and must take into account the possible future needs of each party.
How is a BFA Enforced?
A BFA is a legally binding document and can be enforced by the Family Court if necessary. However, the Court will only enforce a BFA if it meets certain requirements, such as:
– It was entered into voluntarily
– Both parties had independent legal advice
– The terms of the agreement are clear and unambiguous
– The parties had a full and frank disclosure of their financial circumstances
– The agreement is not unfair or unconscionable
It is important to note that a BFA cannot prevent either party from applying to the Family Court for a property settlement or spousal maintenance. However, a BFA can provide certainty and avoid the need for costly and time-consuming litigation.
What Happens if a BFA is Challenged?
If a BFA is challenged, the Court will consider whether the agreement was entered into voluntarily, whether both parties had independent legal advice, and whether the agreement is fair and reasonable. The Court may set aside or vary the terms of the agreement if it is satisfied that it is not just and equitable in the circumstances.
Conclusion
A Binding Financial Agreement is a valuable tool for couples who want to protect their financial interests and avoid costly legal battles. If you are considering a BFA, it is important to seek independent legal advice to ensure that the agreement meets all legal requirements and is fair and reasonable for both parties. With the help of an experienced family lawyer, you can create a BFA that provides certainty and peace of mind for the future.